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20100101
20100131
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as techs and resources stocks weigh. and i'm mike huckman in the united states. the economy likely grew at the fastest pace in four years in the fourth quarter, but experts say don't start celebrating just yet. >> hello and welcome to today's program. i'm once again here at the annual meeting of the world economic forum in davos. maria will be joining us shortly, as well. we have a great guest list for you today. we'll be joined we the chief executive of bank of america, brian moynihan. we'll talk to christine lagarde, the french finance minister. we'll be joined by lord mannedelson, amongst a whole host of other guests. we'll be joined by the ceo of china mobile. but before all of that, there's plenty we need to bring you to. christine, over to you. >> hey, ross, good to see you in davos. let's do a quick view where asian markets are trading today. we have earnings in the u.s. are failing to disappoint. they hit some of the tech sector stocks here in asia. of course, we have those concerns about greece and portugal and that seems to be weighing on sentiment, as well. the hang seng off
here and to try to make it more amenable for companies like yours to create jobs in the united states? >> well, obviously, we're in the united states for the talent that is there and also the association with where our rnd departments are in new york state. new york state made it attractive years ago for us to look at that as a region to put manufacturing in place based on taxes, based on incentives, based on r&d. so the united states needs to keep focusing in on that and to leverage that innovation network that always has been there via the universities and the companies that are there. many of our major customers are based in the united states. many of the fabulous companies that we'll serve, many of the 150 -- >> do they need tax incentives, things like that? >> absolutely. tax incentives, making sure that we can have the best and brightest remain there and not leave our shores to go. but as a global company, we're in the united states, we're in europe, and we're in asia for the purposes to locate where our customers are, but also to have access to the best .brightest around the wo
place for the united states of america. >> i will point out the president and vice president will be in florida today as part of the announcement of $8 billion in recovery act money to go toward developing high speed rail. the president vowing not to abandon his health care overhaul despite the loss in massachusetts last week. a lot of people were sleeping in davos when the president was speaking, but i'm sure feedback is starting to trickle in. maria and ross have all the details from davos. >> hey, brian, good to see you. maria is joining us for the next couple of days. and it was 3:00 in the morning, that state of the union speech. but i know you were up watching it. >> i actually did watch it a little bit. i know you did. >> actually, then they repeated it. the president heard the american people's claims and the issue of putting jobs first. a number of people here are talking about that as well as talking about the possibility of future risks. one thing that keeps coming up is the risk of sovereign debt crises around the world. getting into that more to talk about the u.
's more alarming to global investors, the fact that the united states is going to make some extraordinary efforts to maybe reign in spending or this chinese story? >> i suppose in terms of how each of them is going to affect economies, clearly the news coming out of china is easier to understand in that respect and i suppose that means it's easier to understand what the impact on economies is going to be. the news coming out of the u.s. is clearly important. it's more difficult to know how that's going to affect markets. there was a lot of money that flowed into asian markets in the last nine, ten months and they were looking for an excuse to have a bit of a fall. >> peter, let's get into some of your strategy. what kind of businesses should investors be looking at at the moment? >> looking at our asian funds, it's -- you know, we've noticed a couple of we've noticeded a pattern over the last few years. what we've noticed is that in 2008, stocks had very high dividend payout ratios which tend to be companies that have fairly high dividend yield, outperforming significantly. and that was r
.3 million vehicles in the united states to fix potentially 40 accelerator pedals. this is in addition to the 4.2 million vehicle recall which was about improperly installed floor mats that caused sudden acceleration. checking toyota shares, losing 2.3% today. in tokyo trade, 4,055 japanese yen. bertha. christine, another 2,000 troops are expected in haiti on sunday. the u.s., france, brazil and other friends of haiti will hold emergency talks in montreal on monday. on how to begin rebuilding the country. meantime, entertainment stars are mistaking their contributions. beyonce and madonna will take part in today's hope for heydy now. george clooney is heading that up and he'll donate $1 million to the cause, as well. visit cnbc's special page devoted to haiti on how you can help and which organizations you might want to consider donating to. >> still to come on the program, today we're in portugal where the public deficit could surpass 8.5% of the country's gdp this year. before that, we'll show you where oil is trading as we go into the break. you don't get much flatter than that. d
for a one-time revaluation of the renminbi. >> welcome to our viewers in the united states, especially euro zone producer prices rose on the month in november boosted by rising energy costs. annual decline was the smallest in eight months according to eu date data which is out today. the november producer price figure, up 0.1% on the month. that is down 4.4% on the year. a decimal away from expectations in november. this is james shugg, who is our guest host, it doesn't feel that we have huge inflationary problems just yet. >> no. but there is an element of high income prices there. this time last year or november '08, actually, when you had falling energy prices dropping out of the annual calculation. so that is driving the annual rate of decline less negative. so i suppose the way you describe these figure is removing away from that period of rapid deflation in producer prices and factory price toes a period of more steady price outcome egg. >> yeah. a lot of people like to take out food and energy. i sometimes wonder if the val of doing so is to move a lot then you have a very stable fig
as pmi data in the united states and china, as well. of course, gaming stocks enjoying a stellar session today. we had data coming out of the macau gambling sector. that is why we saw a lot of them, sjm, winn macau higher today by 4%. and moving on to the shanghai composite, we did get comments from the pboc, they don't want to see wild lending, but investors seemed to go beyond that as well as we had strong gains in coal stocks, as well. a lot of wintry championship chill happening in northeastern parts of china. back to you. >> chloe, thank you very much for that. let's get you a reminder of the big story here in asia. we had cautious comments from china's central government today. china has to be careful about overinvestment, saying that is causing risk for the banking sector in terms of loan quality. he also said the global crisis has shown that it's not enough for economies to just focus on inflation and that china has more policy tools than other countries including the bank reserve requirement. now we have wen shunpung. thank you very much for being with us. let's talk more about
think it does. there's a huge risk in both the u.k., united states and even europe that if some of these liquidity measures come off we'll see perhaps some more realistic pricing of equities. for the time being we do think there will be a further stimulus package in the united states and i think slightly smaller than the previous ones and definitely targeted towards job creation in the form of employer subsidies or indeed throwing money at the issue but we'll need to see an attempt at the money going. it keeps the consumer spending money as they try to repay down their debts. equity market correction we expect that but maybe in the second half of this year. >> tom, do you think the consumer credit numbers perhaps more important than the jobs numbers? >> it's really hard to tell. obviously they are backward looking. to some degree we would say employment numbers will tell us more about where we are in six month's time. labor market data also backward looking but tells us where we'll be at the end of the year. until we start to see sustained job creation some higher consumer confi
that this trend is likely going to continue. >> kim, it's bertha here in the united states. here in the u.s., we watch what's going on in the chinese banking market and worry about a bubble happening there. there's been so much mo money coming out. i wonder what the view is with the way the government is going about the banking industry with a big tax. >> right. the well, the first thing about the chinese banking sector which i think that we should bear in mind is that if you look at the loan to deposit ratio among the major banks in china, in fact, it is something like less than 60%. so the banking system is in -- is not geared or not leveraged at all. if anything, perhaps they have too much excess reserves in the banking system which could be lent out. but as you know, the chinese government prefers to have some kind of a steady growth rather than domestic growth. and domestic growth of lending was a result of the global trade collapsing in the last quarter of 2008 and that's why they tried to, you know, motivate -- to borrow money in the first half of last year. that's why we have an explosio
the opening bell in the united states and ahead of that we will get weekly jobless claims somewhere ahead in the four handle. a lot of retailers will be reporting same-store sales for december. right now we've got dow futures down about 45 points below fair value. >>> let's get back to mark mobius. despite all your concerns for the market, and they are clear and imminent concerns, you're talking about value auctions below a four-year high valuation. depending on which measure you use, some would say the markets are trading at a quite hefty premiums. >> well, it is true, but let's look at interest rates. you can tolerate a much, much higher price earnings ratio. if you do the reciprocal, the numbers go through the roof. so i don't think we're in a territory that you considered a bubble or a very, very high market in that respect. >> and mark, that is part of the problem, isn't it? we have a lot of stimulus in place, low interest rates, and when we see what the pboc had to say even the shanghai market today, we're talking about even slight tweaks can mean people very quickly take money off
exchange. bertha isn't in today because it's martin luther king holiday in the united states. u.s. markets are closed. the jal, japan airlines, big story today. expected to file for bankruptcy. european stock markets two hours into the trading day up about a half percent. we dipped down but we come back. basic resources biggest sector today up after copper prices firmed up. defensive sectors doing well. banks are weak. fairly cautious after jpmorgan's figures on friday. and plenty more u.s. banks to report this week. >> and let's take a quick check on the currency markets at this moment. the clock just ticked past 6:00 p.m. in singapore. dollar/yen around the 90 moment. sterling seems to be the key beneficiary at this moment at a four-month low against the euro and euro/sterling at 8794. >> what happens for investors right now and what should they do with risk? joining us is nick parsons with us for the whole hour. the big one. 2010 is sort of pretty much started like the end of 2009. the same themes are in place. does it continue for the foreseeable future? >> i think we see interesting c
paper, 3784% in the united states. currency markets look like this. we have the dollar trading versus the yen down 1.4%. euro/dollar 1.4324. cable, 1.6015. ian stannard is a currency strategist at bnp paribas. let us get to ian first. ian, you've used two beliefs in this dollar turn around story in 2010. a lot of people said to me, though, it will be a drift into the dollar, a slow haul. but my question is, if so many people are using it as a funding currency and are short at the moment, once we get this turn around, could it turn into a stampede? >> yes. i think later on in the year, we could very well see the dollar pick up momentum. but for the start, it will be a slightly slower recovery. and fairly uneven. i think we're likely to see the dollar making most gains initially against the yen and also to a certain extent against the european currencies. so i would expect the euro to start coming under pressure. cable also to start becoming vulnerable. but the commodity surntsys, particular also though with close link is into china such as the australian dollar i think will remain reas
been asked to curb lending for the rest of the month. >> if you're just joining us here in the united states, at 5:30 a.m. on the east coast, thanks so much for joining us. the futures are pointing to a lower start. but we've got a lot of data before the opening bell this morning. we're going to get ppi, housing starts and a slew of bank earnings, including wells fargo, morgan stanley, bank of america. a very busy morning shaping up here, ross. how is it looking in europe at this hour? >> well, we've mostly been just down on the -- down on the negative side with european bourses. and we're still there. the ftse 100 is down 0.4%. basic resources have been the biggest decliner today. mainly in reaction to these reports coming out of china, they're going to tighten up bank lending a little bit. but health care stocks are certainly gaining from the massachusetts news and techs are not doing too badly, as well, today on the back of ibm's forecast. christine has the latest on the currency markets. >> i do, indeed, ross. dollar/yen right now, 90.86. euro/dollar, 1.4177 euros under pressure b
more global and across the board and is very material, also, in europe and in united states. and japan. from the industrial point of view, it is the same. it may be more specific to us. we are merging three measured companies in wireless and, of course, we are some overlaps, but in terms of resources and products, but this is very broad, also from industrial point of view. it's from the automotive to industrial, from consumer products, entertainment products, it is very broad. starting from a base in q1 that was particularly weak. >> how is pricing holding up for you? >> pricing, i would say, is really two blocks, basically. and here there are opportunities. there is a second portion that is more on the long-term contracts that is driven by the contract. so overall is -- is improving. >> carro bozotti, we appreciate your time, ceo of stmic stmicroelectronics. now back to davos, where it's chilly. ross b, are you multi layered? >> more than. i am quad ruined, tripled, it's about 15 degrees at the moment. it normally warms up, though, as we go through the morning. things are certainly wa
in the united states last week. is credit still going to be fairly tight? is that going to be an issue or not an issue for investors? >> huge issue. one of my big warning signs for the whole of 2010 is the absence of bank lending in the united states and the united kingdom, it's almost as if, god forbid it were true, the bankers just don't get it. >> these guys, nls until bank lending took a liking to you guys, unless and until that gets going -- >> well, we don't know, we're just rebuilding our asset sets. >> whichever way it is. if the banks are rebuilding their balance sheets, it's pretty much a done deal. we need deals to be funded. we need orders to be funded. never mind basic personal consumption. that's the bit that so far isn't happening. what worries me about the markets, great, enjoy the rallies while they last, but the v-shaped recovery is pretty much priced. the risks of w haven't gone away. >> andy, here we are seeing the first quarterly growth since the recession. and alcoa kicks things off on a nasty note. >> slightly. it's difficult to see somebody in the early stages o
in the united states in new york time. this is how we expect markets to open if we continue at this rate with that positive data now coming out of europe. positive data out of china. dow futures well above fair value. nasdaq s&p as well. data today in the u.s. ism and construction spending. we'll see if that continues the momentum. christine? >> joining us is our host for the next hour. happy new year. thank you for being with us here on "worldwide exchange." >> my pleasure. >> for the first day of the new year we had a good start. a somewhat mix in asia but you would think spring would be a good time for equity markets but you worry down the road a sharp correction might take place. explain your case to us. >> my strategy revolves around outlook for global economy which equity markets usually anticipate with about two quarters of time lag. given the fact that we are still in a process of recovering from the crisis. global growth is accelerating. equity markets continue and we continue to move higher because investors are predicting that profitability will increase and this is boosting v
of a sell-off in risk over the next 72 hours or so. >> benjamin, it's brian shactman in the united states. the prospect of china tightening, you talked about the pressure on commodities and risky assets. do you think that puts on pressure of global equities, as well? >> well, i hate to sit on the fence in this regard. but i would say at the moment, we remain fully invested in terms of equities. what i would say is that, of course, we are a little bit more cautious in our bullish stance at the moment, but we are not taking any money off the table at this stage. we believe that with global interest rates unlikely to rise any time soon, if you're talking about the g-7, that this remains a very fertile environment for risky assets to do well. but you have to bear in mind, also, that after the stellar rallies we've seen particularly in emerging markets and also in developed world equities, it's not surprising to see somewhat of a pullback. just in terms of the developed markets, we think japan is likely to surprise and outperform the developed markets counterparts because of the fact that the
Search Results 0 to 16 of about 17